SEB Asset Management AB Buys New Stake in Old Dominion Freight Line, Inc. $ODFL

SEB Asset Management AB bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 36,470 shares of the transportation company’s stock, valued at approximately $7,126,000.

A number of other hedge funds also recently bought and sold shares of the company. Waterfront Wealth Inc. acquired a new stake in Old Dominion Freight Line in the 4th quarter valued at approximately $1,430,000. Baillie Gifford & Co. acquired a new position in shares of Old Dominion Freight Line during the fourth quarter worth approximately $13,322,000. AustralianSuper Pty Ltd lifted its holdings in shares of Old Dominion Freight Line by 955.4% during the fourth quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock worth $11,761,000 after buying an additional 67,898 shares during the last quarter. Summitry LLC boosted its position in shares of Old Dominion Freight Line by 5.4% in the fourth quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock valued at $34,210,000 after acquiring an additional 11,223 shares during the period. Finally, Partners Group Holding AG boosted its position in shares of Old Dominion Freight Line by 37.0% in the fourth quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company’s stock valued at $30,518,000 after acquiring an additional 52,514 shares during the period. 77.82% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director directly owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 10.00% of the stock is currently owned by company insiders.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $234.79 on Wednesday. The stock has a fifty day moving average price of $223.38 and a two-hundred day moving average price of $203.53. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The firm has a market capitalization of $48.83 billion, a P/E ratio of 49.12, a P/E/G ratio of 4.19 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the company earned $1.19 EPS. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.55 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were given a $0.29 dividend. The ex-dividend date was Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. Old Dominion Freight Line’s payout ratio is 24.27%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Stephens reissued an “overweight” rating and issued a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $235.00 to $250.00 in a research report on Wednesday, July 8th. Truist Financial boosted their price objective on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Finally, Jefferies Financial Group upped their price objective on shares of Old Dominion Freight Line from $230.00 to $250.00 and gave the company a “hold” rating in a research report on Tuesday, June 9th. Ten research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $223.04.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.